# ZUKEN  INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第50期(2025/04/01－2026/03/31) (S100YD7O)
> Page: https://vizora.meequs.com/en/company/zuken
> Retrieved: 2026-09-30T20:25:38.713Z

## Company

Zuken, founded in 1976, is a company in Software & SaaS listed on TSE Prime. It has 1,656 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZUKEN INC. |
| Ticker | 6947 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6947.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市都筑区荏田東二丁目25番1号 |
| Representative (per filing) | 代表取締役社長 勝部 迅也 |
| Founded | Dec 1976 |
| Share capital | ¥10.1B |
| Employees (consolidated) | 1,656 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.zuken.co.jp (https://www.zuken.co.jp/) |
| Corporate number | 2020001008807 |
| EDINET | E01966 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YD7O, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.3 | 105 |
| Profitability | 55.5 | 145 |
| Cash conversion | 50.4 | 128 |
| Efficiency | 30.7 | 145 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 69% of Zuken's sales come from Japan, with Europe and USA making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +8.8%.

## Company structure

- Segment revenue mix: Japan 68.8%、Europe 18.9%、USA 7.3%、Asia 5.0%
- Revenue → net income: ¥43101750000 → ¥5400236000
- Net income → operating cash flow: ¥5400236000 → ¥6131089000（difference ¥730853000）
- Main uses of operating cash flow: CapEx ¥717512000 / dividends ¥2151567000 / buybacks ¥3000901000
- Change in cash: ¥1063216000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥43.1B |  |
| Operating income | ¥5.87B | Margin 13.6% |
| Net income | ¥5.4B | Margin 12.5% |
| Free cash flow | ¥5.41B |  |
| Largest business | Japan | of segment revenue 68.8% |
| Employees (consolidated) | 1,656 |  |
| EPS | ¥190.12 |  |
| Book value per share | ¥1496.7 |  |
| Equity ratio | 61.0% |  |
| Shares outstanding | 22,249,804 |  |
| Treasury shares | 1,174,000 |  |
| Shareholders | 6,528 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 41.8% | Cash ÷ revenue 65.6% |
| Vs. industry median margin | +1.2 pp | Software & SaaS |
| ROE | 14.3% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends
- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28819265000 | ¥43101750000 | +49.6% |
| Operating income | ¥2891384000 | ¥5865129000 | +102.8% |
| Operating margin | 10.0% | 13.6% | +3.6 pp |
| Employees | 1,445 people | 1,656 people | +14.6% |
| Cash and equivalents | ¥21412529000 | ¥28287245000 | +32.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 68.8% |
| 日本 → 事業再編・廃止 | 4.4% |
| 欧州 → 欧州 | 15.6% |
| 米国 → 米国 | 6.8% |
| アジア → アジア | 4.4% |
| 新設・再編 → 欧州 | 3.3% |
| 新設・再編 → 米国 | 0.5% |
| 新設・再編 → アジア | 0.6% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +7.0% | ¥29655397000 | 16.2% | 2 |
| Europe | 5 years | +12.6% | ¥8154716000 | 9.3% | 2 |
| USA | 5 years | +10.0% | ¥3152784000 | -12.4% | 2 |
| Asia | 5 years | +11.2% | ¥2138850000 | 29.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,102 | 100.0% | S100YD7O |
| Cost of revenue | 13,544 | 31.4% | S100YD7O |
| Gross profit | 29,557 | 68.6% | S100YD7O |
| SG&A | 23,692 | 55.0% | S100YD7O |
| Operating income | 5,865 | 13.6% | S100YD7O |
| Ordinary income | 7,134 | 16.6% | S100YD7O |
| Pretax income | 7,123 | 16.5% | S100YD7O |
| Income tax | 1,723 | 4.0% | S100YD7O |
| Net income | 5,400 | 12.5% | S100YD7O |
| Net income attributable to owners | 5,400 | 12.5% | S100YD7O |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 55 |
| Operating income | 14 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 68.6% → Operating margin 13.6% → Net margin 12.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +8.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.51×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 40,736 | 43,102 | 2,365 | +5.8% |
| Gross profit | 27,924 | 29,557 | 1,634 | +5.9% |
| Operating income | 5,392 | 5,865 | 473 | +8.8% |
| Net income attributable to owners | 5,226 | 5,400 | 174 | +3.3% |
| Operating cash flow | 4,862 | 6,131 | 1,269 | +26.1% |
| Free cash flow | 4,267 | 5,414 | 1,147 | +26.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,296 | 3,391 | 11.6% | 2,596 | 4,208 | 3,486 | S100LRQ1 |
| FY ending Mar 2021 | 28,819 | 2,891 | 10.0% | 2,137 | 2,662 | 2,048 | S100OCYV |
| FY ending Mar 2022 | 31,502 | 3,904 | 12.4% | 3,003 | 1,248 | 530 | S100R6IM |
| FY ending Mar 2023 | 35,073 | 4,428 | 12.6% | 3,196 | 2,880 | 2,020 | S100TV2I |
| FY ending Mar 2024 | 38,466 | 4,797 | 12.5% | 3,868 | 4,880 | 4,222 | S100W07I |
| FY ending Mar 2025 | 40,736 | 5,392 | 13.2% | 5,226 | 4,862 | 4,267 | S100YD7O |
| FY ending Mar 2026 | 43,102 | 5,865 | 13.6% | 5,400 | 6,131 | 5,414 | S100YD7O |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥3.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,476 | 1,538 | 1,578 | 1,610 | 1,656 |
| Average salary (parent company) | ¥7.3M | ¥7.8M | ¥8M | ¥8.4M | ¥8.7M |
| Average age (parent company) | 44.1 years | 44.6 years | 44.5 years | 44.6 years | 44.3 years |
| Average tenure (parent company) | 17.3 years | 17.7 years | 17.8 years | 17.9 years | 17.9 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +5.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 29,655 | 68.8% | 4,811 | 16.2% |
| Europe | 8,155 | 18.9% | 761 | 9.3% |
| USA | 3,153 | 7.3% | -392 | -12.4% |
| Asia | 2,139 | 5.0% | 624 | 29.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 68.8% | 77.6% | 8.8 | 16.2% |
| Europe | 18.9% | 12.3% | -6.6 | 9.3% |
| USA | 7.3% | — | — | -12.4% |
| Asia | 5.0% | 10.1% | 5.1 | 29.2% |

Loss-making segment (excluded from profit shares): USA -392 JPY mn

Segment → industry: Asia → Software & SaaS / USA → Software & SaaS / Europe → Software & SaaS / Japan → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,131 | 14.2% | S100YD7O |
| Capital expenditure | 718 | 1.7% | S100YD7O |
| Free cash flow | 5,414 | 12.6% | 算出 |
| Investing cash flow | -758 | -1.8% | S100YD7O |
| Financing cash flow | -5,212 | -12.1% | S100YD7O |
| Dividends paid | 2,152 | 5.0% | S100YD7O |
| Share buyback | 3,001 | 7.0% | S100YD7O |
| Change in cash | 1,063 | 2.5% | S100YD7O |
| Cash and equivalents | 28,287 | 65.6% | S100YD7O |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 26,900 | 28,399 | 27,296 | 27,224 | 28,287 | S100TV2I, S100W07I, S100YD7O |
| Total assets | 59,106 | 62,498 | 63,880 | 63,274 | 67,625 | S100R6IM, S100TV2I, S100W07I, S100YD7O |
| Net assets | 38,616 | 41,356 | 41,017 | 39,949 | 41,278 | S100TV2I, S100W07I, S100YD7O |
| Share capital | 10,117 | 10,117 | 10,117 | 10,117 | 10,117 | S100R6IM, S100TV2I, S100W07I, S100YD7O |
| Property, plant and equipment | 6,206 | 6,320 | 6,247 | 6,142 | 6,208 | S100R6IM, S100TV2I, S100W07I, S100YD7O |
| Intangible assets excluding goodwill | 929 | 1,002 | 935 | 821 | 705 | S100R6IM, S100TV2I, S100W07I, S100YD7O |
| Goodwill | 185 | 148 | 110 | 55 | — | S100R6IM, S100TV2I, S100W07I, S100YD7O |
| Investment securities | 3,115 | 3,243 | 3,888 | 3,410 | 3,326 | S100R6IM, S100TV2I, S100W07I, S100YD7O |
| Current assets | 45,259 | 47,994 | 48,897 | 48,496 | 52,120 | S100R6IM, S100TV2I, S100W07I, S100YD7O |
| Current liabilities | 16,483 | 16,923 | 18,787 | 19,379 | 22,830 | S100R6IM, S100TV2I, S100W07I, S100YD7O |
| Total liabilities | 20,490 | 21,142 | 22,862 | 23,326 | 26,348 | S100R6IM, S100TV2I, S100W07I, S100YD7O |
| Non-controlling interests | 378 | 472 | 562 | — | — | S100R6IM, S100TV2I, S100W07I |
| Equity attributable to owners of parent | 36,613 | 38,856 | 37,582 | 37,490 | 38,059 | S100R6IM, S100TV2I, S100W07I, S100YD7O |
| Retained earnings | 17,853 | 20,096 | 18,803 | 22,249 | 25,819 | S100R6IM, S100TV2I, S100W07I, S100YD7O |
| Treasury stock | -19 | -20 | -0 | -2,502 | -5,503 | S100R6IM, S100TV2I, S100W07I, S100YD7O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YD7O |
| Property, plant and equipment | 9% | S100YD7O |
| Intangibles and goodwill | 1% | S100YD7O |
| Investment securities | 5% | S100YD7O |
| Other assets | 43% | S100YD7O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YD7O |
| Equity | 61% | S100YD7O |
| Other liabilities | 0% | S100YD7O |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 59,106 | 62,498 | 63,880 | 63,274 | 67,625 |
| Equity | 38,616 | 41,356 | 41,017 | 39,949 | 41,278 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 26,900 | 28,399 | 27,296 | 27,224 | 28,287 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 14.4% | S100YD7O |
| Fixed assets ÷ total assets | 9.2% | S100YD7O |
| Goodwill ÷ parent equity | — | —, S100YD7O |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 41.8% |
| Cash ÷ revenue | 65.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.5% |
| Cash vs. profit gap | 731 JPY mn (of net income 13.5%) |
| Shareholder returns / net income | 95.4% |
| Shareholder returns / FCF | 95.2% |
| Shareholder payments — dividends / net income | 39.8% |
| Shareholder payments — dividends / FCF | 39.7% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 12.4% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 9.5% | 0.53× | 5.1% | 1.61× | 8.2% | S100R6IM |
| 2023 | 9.1% | 0.58× | 5.3% | 1.61× | 8.5% | S100TV2I |
| 2024 | 10.1% | 0.61× | 6.1% | 1.65× | 10.1% | S100W07I |
| 2025 | 12.8% | 0.64× | 8.2% | 1.69× | 13.9% | S100YD7O |
| 2026 | 12.5% | 0.66× | 8.3% | 1.73× | 14.3% | S100YD7O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 金子真人ホールディングス株式会社 | Major shareholder | 13.5% | 2026-03-31 |
| 金子 真人 | Major shareholder | 10.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 9.4% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 7.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 385839 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 4.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.4% | 2026-03-31 |
| 和田 扶佐夫 | Major shareholder | 3.1% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDON SPECIALACCOUNT NO.1 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 3.0% | 2026-03-31 |
| 金子 みね子 | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/04/01－2026/03/31) | S100YD7O | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD7O,, |
| 有価証券報告書－第49期(2024/04/01－2025/03/31) | S100W07I | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W07I,, |
| 有価証券報告書－第48期(2023/04/01－2024/03/31) | S100TV2I | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV2I,, |
| 有価証券報告書－第47期(2022/04/01－2023/03/31) | S100R6IM | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6IM,, |
| 有価証券報告書－第46期(令和3年4月1日－令和4年3月31日) | S100OCYV | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCYV,, |
| 有価証券報告書－第45期(令和2年4月1日－令和3年3月31日) | S100LRQ1 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRQ1,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).